Archive for the ‘Community Property’ Category
Friday, December 23rd, 2011
When a couple owns a business together, the dissolution of their marriage or registered domestic partnership has the potential to seriously harm their business. Because the business is likely to be one of the most valuable assets the couple has, protecting the business during the dissolution should be a joint priority. Both parties need to remember that unless there was a written agreement that the business would be the separate property of one of the parties, the community property will include the amount by which the business has appreciated during the marriage, and each of them will own half of that amount. (more…)
Posted in Community Property, Divorce, Property: Value & Division
Friday, July 29th, 2011
It once was the case that a jointly-owned house was a divorcing couple’s largest asset. However, in this poor economy, many divorcing couples find themselves with homes that are “upside-down,” worth less than amount owed on the mortgage. Upside-down property can be one of the most difficult assets to handle in a divorce.
When a divorcing couple owns a house worth MORE than the mortgage, one of two things usually happen: (more…)
Posted in Community Property, Divorce, Property: Value & Division
Friday, January 8th, 2010
It may surprise you to know that there is no such thing in California as common law marriage, or to be more accurate, a common law marriage can never be created in California. It’s widely believed that if a couple lives together for many years and holds themselves out to the world as a married couple, then the couple will be considered to be legally married. While this can be possible according to the laws of a few states, California abolished common law marriages over a hundred years ago. California will, however, recognize common law marriages that were created in states which do recognize them. (more…)
Posted in Alimony / Spousal Support, Community Property, Domestic Partnerships, Marriage
Wednesday, November 18th, 2009
Divorce at the click of a mouse – it may be coming soon to Brazil, according to an AP article published in the San Diego Union Tribune. Brazil’s Senate recently approved legislation allowing online divorces under certain circumstances, and the bill awaits a vote from the House of Representatives. If the bill becomes law, not everyone would be eligible for quick internet divorces, since it’s meant for those with less complicated and consensual divorces. The idea has not come to California yet, but if it did, how well would it work?
As part of Brazil’s online divorce, you’d be able to divide assets. While this seems like it should be simple enough, many of the most difficult issues in a divorce come up when figuring out who gets what. For example, under California law, do you know what happens if one spouse started a business before getting married (making it separate property), and continued working in the business during the marriage? (more…)
Posted in Alimony / Spousal Support, Asset Protection, Child Support, Collaborative Law & Mediation, Community Property, Current Events, Custody & Visitation, Divorce, Property: Value & Division
Friday, August 7th, 2009
Abraham Lincoln once said, “A house divided against itself cannot stand,” but in lands far away from California, two men in Germany and Cambodia have proven otherwise. In 2007, a German man divorcing his wife took a chainsaw to his wooden house, splitting it in two and then transported his newly redesigned home to his brother’s property. The following year, it happened again. This time the setting was Cambodia, where a man similarly decided that the court system’s idea of property division just wasn’t for him. Instead, he sawed his home in half before moving it to his parents’ property. (more…)
Posted in Community Property, Divorce, Property: Value & Division
Friday, August 7th, 2009
You’ve probably heard the term “legal separation” often, and you may be unsure of what it really means under California law. As reported by People, Sean Penn filed for divorce from his wife Robin Wright Penn in 2007, dismissed the divorce a few months later, and later filed for legal separation in April 2009, only to dismiss this petition the following month. While this is described as the second time that Penn calls off his divorce, legal separation is not divorce, because a legal separation doesn’t legally end a marriage. So what does it do? (more…)
Posted in Alimony / Spousal Support, Child Support, Community Property, Custody & Visitation, Divorce, Legal Separation, Marriage
Monday, July 13th, 2009
If you’re getting married, then you should think about how California’s community property rules will affect you, and whether there’s a better way for you to promote your financial goals. You may have heard that after seven years together, Harrison Ford and Calista Flockhart confirmed they’re getting married, and I can’t help but wonder-will there be a prenup? Thinking back to another famous Hollywood marriage, the Tom Cruise-Katie Holmes prenuptial agreement reportedly provides Holmes from between $3 to $33 million per year, according to MSNBC. (more…)
Posted in Asset Protection, Community Property, Marriage, Premarital agreement
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